The lock-in period of LIC products ranges between 3 to 5 years. So before surrendering the policy, the policyholder must make sure that s/he completes this lock-in period or else the policyholder will lose the surrender value amount.

Once the lock-in period is over, the policyholder will have to go to the branch from where the policy was purchased and fill an application expressing the desire to surrender the policy. Moreover, the following documents have to be submitted:

• Original policy bond/documents
• LIC Surrender Form 5074 (download this form, get a printout and take this to the branch)
• Canceled cheque 
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)

Within a week or two, your bank account will be credited with the surrender value amount.